Chapter 7 vs. Chapter 13 in Pennsylvania: Which Fits Your Situation?
Chapter 7 vs. Chapter 13 in Pennsylvania: Which Fits Your Situation? If you’re struggling with overwhelming debt in Pennsylvania, you’re not alone—and you have options. Bankruptcy is designed to provide a fresh financial start, but choosing between Chapter 7 and Chapter 13 can feel overwhelming. Each path offers different advantages depending on your income, assets, […]
Why Philadelphia Residents File Bankruptcy | Common Causes Explained
Why Philadelphia Residents File Bankruptcy: Common Triggers A Comprehensive Guide from Cibik Law Firm, Philadelphia When financial pressure becomes overwhelming, many individuals and families begin searching for solutions that can help them regain control of their lives. One of the most powerful legal tools available is bankruptcy. At Cibik Law Firm in Philadelphia, we regularly […]
Can A Bankruptcy Continue After Death Of Debtor?
One of Benjamin Franklin’s most famous quotes is: “Certainty? In this world nothing is certain but death and taxes.” However, the death of a Debtor does not automatically meant the death of his or her case. The Bankruptcy Code permits the continuation of both Chapter 7 and Chapter 13 cases after a death. Federal Rule […]
What Are The Risks of Co-Signing A Loan?
Co-signing a loan is a dangerous thing. Too many people end up in bankruptcy due to debts they just co-signed for, so here are a few points worth considering before co-signing for a friend or family member. There is a reason they need a co-signor. A professional lender does not think they will pay the […]
What Happens When You Finish Paying Off a Chapter 13 Bankruptcy?
Many Americans are struggling financially due to the coronavirus pandemic. An estimated 205 million people are at risk of their utilities being disconnected, and many more are in jeopardy of their vehicles being repossessed and their homes being foreclosed. A significant number of Americans have been laid off or experienced a reduction in their work […]
Can Filing For Bankruptcy Protection Save My Small Business?
Let’s answer the top-line question right out of the gate: yes, filing for bankruptcy protection can most certainly save your business. The benefits of the bankruptcy laws do not exist solely for big companies. In fact, they can apply with equal effectiveness to save your small business when it runs into financial difficulty. Here is […]
After Filing for Bankruptcy Can I Buy A House?
The question can be taken on several levels. To take it literally: Yes, you can buy a house if you pay all-cash so you don’t need a mortgage. Of course, that applies to very, very few individuals who declare bankruptcy under Chapter 7 (or sometimes Chapter 11) of the U.S Bankruptcy Code. On another level, […]
What is a Sheriff’s Sale? What You Need to Know in Pennsylvania
A sheriff’s sale can occur when a homeowner is unable to make good on their mortgage payments. It may seem like just another type of repossession sale, but there are a few factors that can cause some surprising turns. Understanding the ins-and-outs of how this type of sale works will ensure you make an educated, […]
Famous People Who Have Filed for Bankruptcy
Making financial commitments and incurring debts is a normal part of life for any ambitious person. These debts and financial obligations can become a burden for even the most successful people. When the burden becomes too heavy, smart people seek relief by filing for bankruptcy protection. Indeed, several famous people ranging from entertainers to politicians, […]
Reasons for Filing for Bankruptcy
Sometimes, the best option you’ve got is to file for bankruptcy. In many cases, deciding to engage in bankruptcy quickly is a good decision in order to prevent wage garnishment, foreclosure, or repossession. This decision can help you keep more property and reduce the debt you owe.